China attracts enormous attention as the most dynamic and complex economy in the world. The reforms adopted by the government of the People’s Republic since 1978 have driven enviable growth in gross domestic product. In nominal GDP terms, the country has risen from 17th ranking worldwide to take second place behind the United States, with the number one spot in clear sight. A sleeping economic giant has been awoken thanks to relinquishing state control over all productive assets, encouraging private enterprise, investing in industrial production, relaxing state control over some prices and liberalizing foreign trade and investment. A significant contributing factor, according to research by the International Monetary Fund, is a sharp and sustained increase in labour productivity.

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China attracts enormous attention as the most dynamic and complex economy in the world. The reforms adopted by the government of the People’s Republic since 1978 have driven enviable growth in gross domestic product. In nominal GDP terms, the country has risen from 17th ranking worldwide to take second place behind the United States, with the number one spot in clear sight. A sleeping economic giant has been awoken thanks to relinquishing state control over all productive assets, encouraging private enterprise, investing in industrial production, relaxing state control over some prices and liberalizing foreign trade and investment. A significant contributing factor, according to research by the International Monetary Fund, is a sharp and sustained increase in labour productivity.